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ECB/Draghi: Spiegel interview
Draghi commented on the positive developments in the eurozone, denied the ECB's responsibility for low German interest rates, and expressed his confidence in the new SRM.
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ECB/Praet: Interview in La Stampa
Praet discussed i.a. the AQR, the OMT programme, LTRO, the credit market, the situation in public finances and the rise of anti-euro parties.
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Fitch: SRM shows reform consensus but sovereign bank link intact
In the absence of detailed plans to backstop the fund, the potential costs of bank support will continue to be a factor in Fitch's eurozone sovereign ratings.
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BIS: Cyclical macro-economic policy, financial regulation and economic growth
This working paper concludes that raising regulatory requirements for bank capital can help achieve financial stability and preserve economic growth, if complemented with more countercyclical macro-economic and regulatory policy.
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ECON Committee: MEPs' statement on the work on the single resolution mechanism for banks
The negotiating team of the EP re-stated their crucial requests that all banks must be treated equally, irrespective of which country they are established in, and that the system must be credible and efficient.
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Bank recovery and resolution: Council confirms agreement with EP
The Permanent Representatives Committee approved, on behalf of the Council, a compromise agreed provisionally with the EP on a draft directive aimed at harmonising national rules on bank recovery and resolution.
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President Barroso at the European Council: "This is the beginning of the end of bank bailouts"
Speaking after the first session of the European Council, Barroso said that the unanimous political support reached between the Member States on the SRM was a real breakthrough and showed the EU could make swift progress even when issues were complex and politically sensitive.
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Remarks by President van Rompuy following the first session of the European Council
Van Rompuy said that for the eurozone, the agreement by finance ministers on the SRM was "the biggest leap forward since the creation of the euro itself". He also said significant progress had been made by the Council on the "E" in EMU.
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EP President Schulz on Banking Union: "The slower and inefficient a system is, the more expensive it will be"
In his address at the opening of the Council summit, Schulz reiterated 'clearly and unambiguously' the EP's position on the Banking Union/SRM report. He went on to list a number of negative effects for the Banking Union should the ECOFIN decisions become a reality.
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S&D/Swoboda: Lack of progress in Banking Union negotiations
Negotiations on the future Banking Union have restarted but the Council of the European Union is submitting half-hearted proposals, notably on the single resolution fund for managing failing banks, says the S&D Group.
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EP Group comments on European Council: ALDE, EPP
Both groups stressed that the new rules for failing banks should not be weakened.
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CEPS/Gros: The bank resolution compromise - Incomplete, but workable?
Calling the SRM an "inelegant step in the right direction", Gros singles out the Single Resolution Fund, with its considerable mutualisation of risk, as the key advance – but one that will require changes over time in the extremely complex decision-making mechanisms agreed.
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Bruegel/Gandrud & Hallerberg: Supervisory transparency in the European Banking Union
A number of concrete steps are needed to increase minimal transparency across the European Banking Union.
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BIS publishes three working papers on monetary policy
BIS released the following papers: 1) Is monetary policy overburdened?; 2) Global spillovers and domestic monetary policy; and 3) International monetary policy coordination: past, present and future.
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FT: Banks test impact of reform on debt demand
Europe's biggest banks need to raise about €38.4 billion to meet capital ratios required by regulators, while between 15-20 mid-tier banks could fail the EU's stress tests altogether, according to RBS estimates.
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